基本信息:
教 师: 薛爽 电 话: (021) 6590 3909
Email : xuesh@mail.shufe.edu.cn 办 公 室: 会计学院 337
上课时间: 周二 上午8:55-11:45
教材:
主要教材:Joseph Ogden , Frank, C. Jen and Philip F. O’Connor, Advanced Corporate Finance.
其他参考教材:
Ø Handbook of Economics of Finance, 1(A)
Ø Empirical Corporate Finance(Vol I-IV)
Ø Copeland,Weston, Shastri, Financial Theory and Corporate Policy
课程说明:
本课程要求你们已经掌握财务学的基本理论和一定的研究方法。特别强调要学会使用一个统计软件,教师推荐使用的软件有SAS, STATA。
除了课堂内容和教材之外,还要求你们精读财务学中的一些经典文献。通过对文献的阅读,希望你们不仅能够掌握文献内容,更重要的是学习如何评价一篇论文、进行研究设计以及寻找研究的题目。
课程采取教师讲授为主、课堂讨论为辅的形式。要求每个学生在课前仔细阅读教材和文献,在课堂上能够提出问题,并回答教师和其他同学提出的问题。学生可以就任何问题提问,不要害怕自己问的问题过于简单。多数情况下,最简单、最基本的问题也往往是最重要的问题。
每周教师将指定下次课上需要进行报告的学生。作报告的学生应该按照下面的大纲写出论文的小结,完成PPT文档。
课程研究设计
每6个学生分成一组,每组选择一个自己感兴趣的题目(必须是财务方面的题目),进行研究设计并提供初步的结果。学生在进行实证研究前,应该和教师讨论相关的题目和研究方法。
建议研究设计包括以下内容:
介 绍:明确一个研究问题,分析研究意义,提供研究结论
文献介绍:归纳本研究相关的文献,并评价优缺点
样本选择:哪些公司,哪些年度的数据
研究方法:做了哪些检验
结 果:提供表格
初步结论
附 录:提供相应的SAS或其他统计程序
课程考核:
课堂参与 10%
课程研究设计 40%
期末考试 50%
课程安排:
第一周:课程整体框架;
美国和中国公司财务现状――来自上市公司的数据
第二周:
Chapter 2: Capital structure under ideal market
Ø MM theory
Ø CAPM model
Ø Binomial Pricing model
Ø BSOMP
Ø Reconciling of these models
第三周:
Chapter 3:Principal-Agent theory
Ø Violations of Ideal Market
Ø Separation of ownership and control
Ø Conflicts between shareholders and creditors
第四周:
Chapter 4: Information Asymmetry
Ø Economic theory
Ø Causes
Ø Valuation under info. Asymmetry
Ø Info. Asymmetry and financial decisions
第五周:
Chapter 5: how to mitigate P-A problem
Ø Government laws and regulations
Ø Outside supervision
Ø Inside control and CG
第六周:Chapter 9 EMH, Event studies and Cost of Equity Capital
Ø EMH and its implications
Ø How to test EMH
Ø Cost of equity
Ø Equity Valuation
第七周:
如何进行实证研究:研究设计与统计工具的使用
SAS
第八周:
Chapter 12. Initial Public Offerings of Stock
Ø Benefits and costs of IPO
Ø When should a firm go public
Ø Details of the IPO process
Ø Characteristics of IPO firms and their offerings
Ø 1st-day return or underpricing
Ø long-term underperformance
Ø IPO market circles
第九周:Chapter 13. Managing Internal Equity and Seasoned Equity Offerings
Ø The equity management perspective
Ø Internal capital market theory
Ø SEO influence and arrangement
Ø SEO methods and Paradox of rights offer
Ø Mkt effect of SEO announcement
Ø New issues puzzle: long-term performance of SEO
Ø Some interesting researches on Chinese SEO
Ø discussions
第十周:
Chapter14. Dividend Policy and Stock Repurchases
Ø cash dividend: theory and empirical researches
Ø non-cash dividend: theory and empirical researches
Ø dividend in China: phenomena and explanations
第十一/十二周:
学生分组报告
必读论文:
- Ke, B., Rui, O., and Yu, Y. 2012. Hong Kong Stock Listing and the Sensitivity of Managerial Compensation to Firm Performance in State-Controlled Chinese Firms. Review of Accounting Studies, 17:
- Fama,Fisher , Jensen and Roll, 1969, The adjustment of stock prices to new information, International Economic Review, VOl0(1): 1-21
- Shyam-Sunder and Myers, 1999,Testing static tradeoff against pecking order models of capital structure, Journal of Financial Economics 51:219-244
- Owen Lamont, Cash Flow and Investment: Evidence from Internal Capital Markets, The Journal of Finance ,Vol. 52, No. 1 (Mar., 1997), pp. 83-109
- Tim Loughran; Jay R. Ritter, The New Issues Puzzle, The Journal of Finance, Vol. 50, No. 1 (Mar., 1995), pp. 23-51.
- Roni Michaely; Wayne H. Shaw, The Pricing of Initial Public Offerings: Tests of Adverse-Selection and Signaling Theories, The Review of Financial Studies, Vol. 7, No. 2 (Summer, 1994), pp. 279-319
- Shlomo Benartzi. et.,al. 1997 Do changes in dividends signal the future or the past. The Journal of Finance,vol52.
- Healy, Paul,1992,Does corporate performance improve after mergers? JFE 31,135-175.
- Henk von Eije, William L. Megginson , 2008,Dividends and share repurchases in the European Union, Journal of Finance and Economics, 347-374.